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S&P Credit Research1325 word report
published May 27, 2009
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S&P Credit Research
| Abstract: | The second half of 2009 likely will remain rocky for U.S. mortgage insurers, all of which suffered downgrades in April, with projected losses hurting their operating results, capitalization, and competitive positions. At the time of the downgrades, many of which were multiple-notch moves, Standard&Poor's Ratings Services pointed to a jump in the forecast for peak unemployment (to 10% from 7.9% in December 2008) and the sharp rise in delinquent loans as the main reasons for raising loss-cost assumptions for mortgage insurers. In this light, we now expect companies' operating results through 2011 to be significantly weaker than we previously expected. One reason for our revised expectation is that delinquency rates on insured mortgages have been higher than our
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| Brief Excerpt: | RESEARCH Ratings Definitions Midyear 2009 Outlook: U.S. Mortgage Insurers Are Mired In Troubled Times Publication date: 27-May-2009 Primary Credit Analyst: James Brender, New York (1) 212-438-3128; james_brender@standardandpoors.com...
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| Report Type: | Commentary
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
